Empress Royalty Lands $62M Gold Stream with Unusually Low Ongoing Payment

Empress Royalty Corp. (TSXV:EMPR) has made its largest acquisition to date, a $62 million gold stream on the Tongon mine in Côte d'Ivoire. The deal gives Empress a 3.58% stake in payable gold from Tongon until 400,000 cumulative ounces have been delivered.

The ongoing payment on delivery is unusually low at 0.5% of the prevailing gold price for each ounce. Executive Chairman David Rhodes attributed this to Appian's negotiating skills.

Rhodes believes the long-term case for Tongon lies in exploration rather than current output, and that Atlantic Group, the new owner, is reinvesting cash flow from current gold prices into exploration.